insurance (Protecting your stock and layout)

[porkie]

Ive been thinking about this for a while now.

Do any of you have a separate insurace policy for you stock and layout.

And if so. Who would you recommend using for this.

Cheers

[njee20]

Should be covered in your home contents unless you have a particularly extensive collection.

[EtchedPixels]

If it stays at home its probably covered but you may find the coverage doesn't extend to the full price of re-purchasing rarities and won't cover construction costs/damage. If in doubt ask your insurer and ask for a reply in writing.

If it goes to exhibitions and the like or there is special and rare stuff then there are policies specifically for model railways.

My experience is that the model railway policy people swear blind everything you can conceive of isn't covered by the household policy and the household policy people insist that much of it is. Just extract it in writing as always.

Alan

[Newportnobby]

My contents policy has a special "Model Railway" insured for £7500.
Probably not enough, though

[Agrippa]

I think most household policies would have you covered though there is often an exclusion  for individual items valued at over a certain amount whether it is an item of jewellery,piece of furniture or Fulgurex loco. However not sure what position would be if you had a layout built over the years, perhaps you would have a special category like Newport Nobby.

Probably  best to check when you renew  your policy, also re EP's post , exhibitions widen the field, imagine if some nipper cut his hand on your Thomas rapido coupling. You'd have every lawyer , no win no fee git  and Philip  Schofield
after you and your wallet. Just call me old Mr Cynical.

To me the glass isn't half empty , it's  just empty.

[trainsdownunder]

When I emigrated I had to declare my railway due to its value.

Since being in Aus I have continued to keep it insured as I now realise just how much stuff would be to replace. It's not just the locos, Scenery and buildings can start to add up pretty damn quick. My town buildings (mainly  Cornerstone or LifeLike) came to over $600 and then there's all the kitbashed and others. So have added another $1K just for this part. Total value is over $10K

[1936ace]

Mine covered by my home contents insurance but I did have to specify what amount which will make it hard when it comes to next years renewal as it is for replacement based on amount paid so if I want to keep it the same I migt have to pay more for replacement policy now that for example a farish 37 has gone from £64 to around £94 otherwise I'm going to be out of pocket quiet a bit
Bart

[OwL]

I remember starting a similar thread on here two years ago and it nearly triggered world war 3

Suffice to say I said that I had taken out individual model railway insurance via Magnet and I recommended it. That's was it!
For some reason posts came in thick and fast telling me I was a fool for doing it and that my home insurance covered this that and the other!

Therefore my contribution to this thread will outline why I have seperate model railway Insurance and the benefit it gives me (not really interested in other people's views of what I should and shouldn't do by the way)

Ok......

I have Magnet Model Railway Insurance. It costs me £61.00 a year for £12,000 of cover against theft, fire, damage through accidents or otherwise. I get £1,200 of cover for transporting my collection. In other words if I was taking items in a car up to the value of £1200 I would be covered.

It covers all aspects of the hobby including layout, rolling stock as well as things to do with my hobby like books and DVD's.

I have had the insurance for 3 years now and I think it is right for me. What other people think is right for me is something else! (and I'm sure they will still come out and ridicule me for having insurance whilst not knowing my circumstance or my home insurance policy details....)

EACH TO THEIR OWN

[Agrippa]

If you have a large collection and layout and can afford it that sounds like the way to go, no need to bother about household insurance exclusion clauses. Similar to anyone who has a lot of camera gear there are photographic equipment policies , some include liability insurance.

One thing is to make sure you do not become underinsured, if you have a large collection of leisure items like rail models, photogear, golf stuff, or cd/lp collections and it builds up over the years to a substantial value if you make a claim for an unrelated item the insurer can say you were underinsured and reduce your compensation, even if it was not connected eg tumble drier catching fire or breaking a patio door etc.

[PaulCheffus]

If it stays at home its probably covered but you may find the coverage doesn't extend to the full price of re-purchasing rarities and won't cover construction costs/damage. If in doubt ask your insurer and ask for a reply in writing.

Hi

Mine is mentioned separately on the household insurance as the standard value doesn't cover it. I think it cost me something around £20 extra to get it added as a separate (named) item.

Cheers

Paul

[Sprintex]

I remember starting a similar thread on here two years ago and it nearly triggered world war 3

Suffice to say I said that I had taken out individual model railway insurance via Magnet and I recommended it. That's was it!
For some reason posts came in thick and fast telling me I was a fool for doing it and that my home insurance covered this that and the other!

Therefore my contribution to this thread will outline why I have seperate model railway Insurance and the benefit it gives me (not really interested in other people's views of what I should and shouldn't do by the way)

Ok......

I have Magnet Model Railway Insurance. It costs me £61.00 a year for £12,000 of cover against theft, fire, damage through accidents or otherwise. I get £1,200 of cover for transporting my collection. In other words if I was taking items in a car up to the value of £1200 I would be covered.

It covers all aspects of the hobby including layout, rolling stock as well as things to do with my hobby like books and DVD's.

I have had the insurance for 3 years now and I think it is right for me. What other people think is right for me is something else! (and I'm sure they will still come out and ridicule me for having insurance whilst not knowing my circumstance or my home insurance policy details....)

EACH TO THEIR OWN

Are you really SURE you need it??

That's reminded me actually, will be getting a policy myself when we've moved house, well worth the 30-odd quid I was quoted for mine


Paul

[OwL]

[/quote]



Are you really SURE you need it??

Paul
[/quote]

P""s taker  

Joking aside Paul, it really is worth taking it out in my books but im sure others will dispute that

[PLD]

Check what you home contents insurance actually covers first, the layout may need to be declared as a 'large value single item' for cover to be valid or it may be excluded completely, especially if it is in a shed or outbuilding that doesn't meet required security conditions.

If you do need extra cover then I'd second the recommendation of Magnet.

If you are exhibiting the layout, it should be covered by the show insurance at the venue and in transit but check - I've encountered a couple of sneaky shows that didn't cover it in transit to cut their costs (Warners initially did that for their shows but to their credit changed it when we queried it) and there was one show who demanded WE provided public liability insurance to cover them - needless to say the invitation was impolitely declined!!

[porkie]

I remember starting a similar thread on here two years ago and it nearly triggered world war 3

Suffice to say I said that I had taken out individual model railway insurance via Magnet and I recommended it. That's was it!
For some reason posts came in thick and fast telling me I was a fool for doing it and that my home insurance covered this that and the other!

Therefore my contribution to this thread will outline why I have seperate model railway Insurance and the benefit it gives me (not really interested in other people's views of what I should and shouldn't do by the way)

Ok......

I have Magnet Model Railway Insurance. It costs me £61.00 a year for £12,000 of cover against theft, fire, damage through accidents or otherwise. I get £1,200 of cover for transporting my collection. In other words if I was taking items in a car up to the value of £1200 I would be covered.

It covers all aspects of the hobby including layout, rolling stock as well as things to do with my hobby like books and DVD's.

I have had the insurance for 3 years now and I think it is right for me. What other people think is right for me is something else! (and I'm sure they will still come out and ridicule me for having insurance whilst not knowing my circumstance or my home insurance policy details....)

EACH TO THEIR OWN

thanks Owl.

I didnt think about it until I did a spread sheet and almost had an heat attack on how much ive spent over 13yrs.
So £60 odd a year seems good too me

[spurno]

Just out of interest i applied for a quote and put in a value of £1000.I thought this sufficient as my layout is still in it's infancy.Imagine my surprise when it came back with a quote of £63.00.I know it's still cheaper than forking out a £1000 but they must be living on a different planet to me.